Home Money Education     
Interactive Tools Budgeting & Money Managing Credit Home Ownership Banking & Cash Identity Theft
Understanding Budgeting

How do I make a plan that actually works?

You should only give up something to save money when you are sure you can live without it. There are many ways to save money and reduce expenses, and you can choose which ones work best for you. However, here are some tips to keep in mind:

  • Pay with cash, checks or debit cards instead of credit to avoid debt and finance charges. If you use your credit card, pay it off in full each month.

  • Eat in as much as possible, and bring your lunches to work. Eating out can be very expensive.

  • Plan your grocery shopping trips. Make a list, buy in bulk, use coupons and look for sales.

  • Save on entertainment. Find fun, free activities in your community.
  • Set up a savings account for emergencies, not just for your future goals. If something goes wrong, you’ll have money to fix it and pay your regular bills. You can avoid major problems that can wind up costing you more in the long run.

You can free up a lot of money by making small changes in your lifestyle. Use the EverydayMoney Budget Tool to see how much more cash you could have on hand if you reduced you spending on eating out, buying clothes, going to the movies or other ways. More cash can help you get the things you most want now, or in the future.